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CALGARY, Dec. 6 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has found Robert
William Boswell, at all material times an Approved Person at the Calgary
branches of Research Capital Corporation (Research) and subsequently Jennings
Capital Inc. (Jennings), guilty of violating four counts of By-law 29.1 and
one count of By-law 19.5. Research and Jennings are both IDA Member firms.
In its decision dated November 3, 2007, a Hearing Panel concluded that
Mr. Boswell: engaged in unauthorized trading involving more than 350 trades in
27 client accounts while he was employed at Research and Jennings; (ii)
attempted to compensate a client for losses by providing a series of
post-dated cheques (which were later returned NSF); (iii) serviced clients in
three provinces where he was not registered; and (iv) misrepresented account
balances to a client. One count of violating By-law 19.5 was also found
against Mr. Boswell because he failed to provide his personal cellular
telephone records to the IDA when requested to do so by IDA investigators.
Allegations of unauthorized trading were first made against Mr. Boswell
at Research Capital Corporation which led to his employment being terminated
on February 6, 2003. He then went to work at Jennings Capital Inc. where his
employment was terminated in October 2003 because of client complaints about
unauthorized trading. Mr. Boswell has not been registered with an IDA Member
firm since that time.
A penalty hearing will be scheduled at a later date.
The Investment Dealers Association of Canada (IDA) is the national
self-regulatory organization of the securities industry. The IDA's mission is
to protect investors, foster market integrity and enhance the efficiency and
competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its
Member firms and their approved persons. Investigating complaints and
disciplining Members and approved persons is part of the IDA's regulatory
role. It is IDA policy to ensure that where relevant, referrals to the
appropriate policing authority are made.